Saudi Aramco Q3 net profit rises 34.5 per cent to $36.25 billion
The oil exporter saw increased earnings despite production disruptions and security risks linked to the US-Iran conflict.
Saudi Aramco reported a 34.5 per cent rise in net profit for the third quarter on Tuesday, reaching $36.25 billion for the period ending September 30. According to The Economic Times, this figure is an increase from the $26.9 billion recorded during the same period last year.
The company's adjusted net income was approximately $31.2 billion, which exceeded the $30.66 billion median estimate provided by 12 analysts. This quarterly result also surpassed the $32.7 billion profit reported in the second quarter.
Higher crude prices helped mitigate the effects of lower production volumes resulting from the US-Iran war. The conflict has impacted the company's output and increased security threats to energy infrastructure in Saudi Arabia.
Reuters reported that Aramco is using its East-West pipeline to move crude from eastern oilfields to the Red Sea to decrease reliance on Gulf shipping routes. This pipeline has seen increased use since the conflict began in late February following strikes by the US and Israel, though it has faced several attacks.
Aramco CEO Amin Nasser described the pipeline as a critical lifeline for the country's oil exports. Other infrastructure and the company's headquarters have also been targeted as regional fighting involving Yemen's Iran-aligned Houthi group intensified.
